Economy

The coronavirus pandemic has raised awareness among GCC countries of the importance of environmental, social and governance (ESG) standards. If current trends continue, then ESG could become a valuable element of the region’s recovery from Covid-19.

With Covid-19 facilitating the widespread adoption of remote working practices, some emerging markets are seeking to attract digital nomads through a series of incentives and special visas.

– Global supply chains severely disrupted by Covid-19

– Multinationals turn to China +1 and nearshoring

– Worldwide increase in regionalisation and localisation

– Major regional trade deals signed or accelerated

– Efforts to address structural vulnerabilities to the economic and health effects of Covid-19

– Significant private sector stimulus complemented the public response

– Despite severe economic fallout, a number of countries recorded positive growth

– Implementation of AfCFTA to support greater regional trade in the future

– Economies in the region were hit by reduced trade volumes and lower oil prices

– Governments launched extensive stimulus packages to stabilise their economies

– Short-term recovery will be tied to oil prices and the resumption of travel

– The pandemic looks set to accelerate economic diversification efforts